Beneficial Ownership Update: Investment Limited Partnerships (Amendment) Bill 2020November 2020
The new Bill introduces requirements around beneficial ownership to Investment Limited Partnerships and common contractual funds. The Bill will require the General Partner of an investment limited partnership and the management company of a Common Contractual Fund to establish and maintain a register of beneficial ownership and to submit that information to the Central Bank for inclusion on the Central Bank’s central register of beneficial ownership of certain financial vehicles. A “beneficial owner” means: any individual who
(a) ultimately is entitled to or controls, whether the entitlement or control is direct or indirect, more than a 25% share of the capital or profits of the partnership/CCF or more than 25% of the voting rights in the partnership/CCF, or
(b) otherwise controls the partnership/CCF.
The Bill also provides that the Central Bank can verify PPSN information pertaining to beneficial ownership registers it operates by proposing an amendment to the Social Welfare Consolidation Act 2005.
So, for those of you performing due diligence checks on these structures, update your procedures accordingly.
By Judy de Castro